OKLAHOMA CITY – Senate Bill 638, which repeals the state’s Price Control Act, was signed by Governor Stitt and takes effect Nov. 1.
“For 76 years, this act has forced Oklahoma businesses to impose a 6% markup on everyday retail goods like gasoline, groceries, over-thecounter medicines, diapers and other basic necessities,” said state Rep. Steve Bashore (R-Miami), sponsor of the measure in the state House of Representatives.
“Oklahoma is one of only seven states that still have this outdated mandate. But that changes with this law. This unfair tax has hurt communities like those in my House district, where consumers can easily cross state lines to get cheaper products where this markup is not required. I've tried this myself and found it to be true. Removing this tax will encourage Oklahomans to shop locally. It's also a win for the free market, allowing businesses to determine their margins and what best will attract customers.”
The state prohibition against pricing goods below cost remains in effect, punishable by a fine of $500. Anyone selling motor fuel below cost can be fined $1,000. “This protects our smaller retailers from big box competitors,” Bashore said.